Category: Companies

Iberdrola to invest $88 billion in ‘energy revolution’ by 2025

Spanish wind energy group Iberdrola plans to invest 75 billion euros ($88 billion) in its renewable energy production, grids and retail operations by 2025 to capitalise on growing global demand for clean power

Demand issues to overshadow OPEC+ supply next year

The OPEC and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said

Shell raises dividend as retail boost drives confidence

Royal Dutch Shell raised its dividend after easily beating quarterly profit forecasts and outlined plans to shrink its oil and gas operations as it presses forward with a transition to low-carbon energy

BP swings back to profit, epidemic uncertainty weighs

BP swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits

Shell to cut up to 9,000 jobs in low-carbon transition

Royal Dutch Shell announced plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy

BP enters offshore wind with $1.1 billion Equinor deal

BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway’s Equinor, a significant step by the oil firm towards its energy transition goals

YPF posts record Q2 loss on pandemic hit

Argentine state oil company YPF stated it posted a net loss of 1.165 billion dollars in the second quarter of the year, its worst quarterly loss on record, due to the negative impact of the coronavirus pandemic

Saudi Aramco’s profit plunges

State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter

BP poised to sell assets even if oil prices rally

BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy

Exxon posts second straight quarterly loss on demand, price plunge

Exxon Mobil Corp reported a $1.1 billion second-quarter loss on sharply lower energy demand and prices from the COVID-19 pandemic, and confirmed plans to make deeper spending cuts